Tax on commercial property rent
This query is : Resolved
17 December 2017
Hi�
I am salaried employee �and comes under 30% bracket of income tax. . �I am having one plot where we are planning construction and rent out for commercial purposes like bank. � �We are expecting 35000 per month �as rent.�
1. �what �type of loan is applicable for this. �As per my understanding commercial property loan, �please let me know if any thing else
2. � Is interest on such loan can deduct from income from �rent. �If yes, �how it will be.
NOTE: �already having one home loan.�
3. �How income tax is calculated on such rent
4. Is GST is applicable on in this case
CA R SEETHARAMAN
(Expert)
17 December 2017
1 commercial property loan applicable.
2 Yes interest can be fully deducted from rental income. It is commercial loan no problems.
3 After claiming depreciation and interest 30% tax payable as you are in 30% bracket.
4 GST not applicable as it's within threshold of 20 lacs.
2 Yes interest can be fully deducted from rental income. It is commercial loan no problems.
3 After claiming depreciation and interest 30% tax payable as you are in 30% bracket.
4 GST not applicable as it's within threshold of 20 lacs.
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